2021 has been a great year for Nigerian startups with the country registering a record number of billion-dollar startups.
This traction has however been of a wider scale, with the US ambassador to Nigeria revealing that Nigerian creators were the recipients of 60% of venture funding from her country into the continent.
Africa-based tech startups have raised more than $2.9 billion in 2021 alone.
“Nigerian startups, which are creating new products, services, and platforms, raised $1.7 billion of this total or about 60% of it. Africa boasts a total of seven tech ‘unicorns’ or companies valued at over $1 billion.”
– Mary Beth Leonard – US Ambassador, Nigeria
The current list of tech organizations valued at over $1 billion include:
- Jumia – Pan-Africa
- Flutterwave – Nigeria
- Wave – Senegal
- Opay – Nigeria
- Fawry – Egypt
- Interswitch – Nigeria
- Andela – Pan-Africa
The African crypto space has also not been left behind with key crypto startups raising substantial amounts.
Some of these include:
According to a different industry forecast, fund raising by African startups is set to reach $5 billion in 2021, a higher amount than the figure raised in the previous 3 years combined.
The increase in funding is said to reflect greater interest from investors in the U.S., China, as well as institutional bankers.
RECOMMENDED READING: What VCs Look for in African Startups
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